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RBL Bank Q4 net profit surges 163%

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Money & Banking

However, in FY22, the bank saw standalone net loss of ₹74.74 crore against net profit of ₹50.77 crore in FY21 

Private sector lender RBL Bank reported a 162.5 per cent surge in its standalone net profit in Q4 FY22 with lower provisions and sharp growth in net interest income.

For Q4 FY22, the bank’s net profit rose to ₹197.83 crore from ₹75.34 crore in the same period last fiscal.

However, for the full fiscal FY22, the bank saw standalone net loss of ₹74.74 crore against net profit of ₹50.77 crore in FY21.

Net interest income grew 25 per cent year-on-year ₹1,131 crore for Q4 from ₹906 crore a year ago. Net interest margin was 5.04 per cent versus 4.17 per cent in the previous fiscal.

Other income fell 7 per cent year-on-year to ₹511 crore in the quarter under review.

Provisions decline

Provisions declined 36 per cent y-o-y to ₹400.67 crore from ₹626.64 crore a year ago.

Gross NPA ratio and net NPA ratio improved sequentially to 4.4 per cent and 1.34 per cent, respectively, as on March 31, 2022, versus 4.84 per cent and 1.85 per cent, respectively, as on December 31, 2021. Gross NPA was at 4.34 per cent and net NPA was at 2.12 per cent as on March 31, 2021.

Provision coverage ratio improved 750 basis points sequentially to 70.4 per cent as on March 31, 2022.

‘Stable performance’

Rajeev Ahuja, Managing Director and CEO (Interim), RBL Bank, said “This quarter has been one of stable business performance and we continued to improve in both profitability and asset quality. We are entering the new fiscal with a relatively clean slate on asset quality, remain well capitalised and our business operating rhythm holds us in good stead to grow meaningfully in our chosen segments with improved profitability metrics.”

Total deposits grew 8 per cent year-on-year to ₹79,007 crore as on March 31, 2022, and advances grew two per cent to ₹60,022 crore.

Published on May 12, 2022

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